Electric Vehicles Cost 30% More to Repair Than Gas Models

Electric vehicles (EVs) cost an average of 30% more to repair compared to petrol or diesel cars. Repair times for EVs are also 14% longer. Consequently, insuring an EV can be 10-25% more expensive, depending on the model. These increased costs can deter potential buyers, particularly amid the rising demand for EVs, which constituted nearly one-third of new car sales in the UK as of June. For ordinary investors, understanding these dynamics is crucial as they affect consumer adoption and market growth in the EV sector.